Pablo Martinez Monsivais/AP

Here are the highlights, based on the text just released by the White House:

  • Whenever an agency proposes a new regulation, it has to identify "at least two" previous regulations to be repealed.
  • For all new regulations, "the total incremental cost ... shall be no greater than zero."
  • If there are new costs, they have to be offset by eliminating costs in "at least two prior regulations."
  • The process will be directed by Mick Mulvaney, who's set to become the next director of the Office of Management and Budget.
  • If a new regulation wasn't already listed on the "Unified Regulatory Agenda" — a list of rules in the works — it can't be issued, "unless otherwise required by law" or unless Mulvaney says it's OK.
  • The limit applies to fiscal year 2017, which is already underway.

Go deeper

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Data: Business Roundtable; Chart: Naema Ahmed/Axios

A closely-watched CEO economic confidence index rose for the first time after declining for nine straight quarters, according to a survey of 150 chief executives of the biggest U.S. companies by trade group Business Roundtable.

Why it matters: The index, which still remains at a decade low, reflects corporate America's expectations for sales, hiring and spending — which plummeted amid uncertainty when the pandemic hit.

Official says White House political appointees "commandeered" Bolton book review

John Bolton's book "The Room Where it Happened." Photo: Chris Delmas/AFP via Getty Images

A former career official at the National Security Council claims her pre-publication review of former national security adviser John Bolton's explosive book on President Trump was "commandeered by political appointees for a seemingly political purpose," according to a letter from her lawyers filed in court on Tuesday.

Why it matters: The White House fought against the publication of Bolton's book for most of the year on the grounds that it contained harmful and "significant amounts of classified information."

House Democrats unveil sweeping reforms package to curtail presidential abuses

House Speaker Nancy Pelosi. Photo by Stefani Reynolds/Getty Images

House Democrats on Wednesday unveiled sweeping legislation aimed at preventing presidential abuse and corruption, strengthening transparency and accountability, and protecting elections from foreign interference.

Why it matters: While the bill has practically no chance of becoming law while Trump is in office and Republicans hold the Senate, it's a pre-election message from Democrats on how they plan to govern should Trump lose in November. It also gives Democratic members an anti-corruption platform to run on in the weeks before the election.

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